In a 2011 piece on the decimated real estate market in the City, we noted that few senior property partners were in their mid-40s, due to the fact that law firms largely ceased hiring junior real estate lawyers following the early ’90s crash. It looks like history will repeat itself in roughly 15 years’ time: post-credit crunch, the most established real estate practices went into hibernation. Some started to disintegrate. Either way, if you were a trainee interested in real estate around 2010, pickings were slim.
But, as we report in ‘Back in the game’ on pages 48-54, real estate is back with a vengeance and some partners would have you believe it never really went away. The most popular line of argument is that there is a wealth of opportunity out there for City and national firms because the Magic Circle has been progressively retrenching in property for years.